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Alberto Núñez Feijóo, president of the Xunta de Galicia, confirmed his intention to help the Galician multinational firm. (Photo: StockFile)
Pescanova to be granted EUR 4 million by Galician Government
SPAIN
Friday, May 31, 2013, 01:40 (GMT + 9)
The president of the Xunta de Galicia, Alberto Núñez Feijoo, has announced that the multinational Galician firm will be allocated EUR 4 million in order to help it overcome the serious financial situation the firm is undergoing.
The Galician government claims that Pescanova is very important for the Galician economy, so keeping the jobs is deemed necessary.
This was announced by Nuñez Feijoo to the Pescanova’s reorganisation administrator, Deloitte.
Meanwhile, the company’s creditor banks requested Pescanova brand and Chapela property as guarantee for granting the EUR 55 million loan, which will make it possible to maintain the group’s activity.
The entities that would grant this loan are Bankia, Popular, Sabadell, La Caixa, Deutsche Bank and NCG Banco.
Deloitte proposed other entities — Banco Santander, BBVA and Bankinter – to join the group, but they have not accepted it yet, according to EFE agency.
Furthermore, financial sources reported that several banks rejected to join the group: Royal Bank, Rabobank, Espírito Santo and Liberbank.
On the other hand, the president of the National Securities Market Commission (CNMV), Elvira Rodriguez, admitted that there were flaws in the governance processes of the firm that helped trigger the crisis.
“Pescanova is a multinational company with a highly recognized brand and the fact that it seems to have been run like a business with an owner is something that harms its shareholders, the brand from Spain and securities supervisor,” Rodriguez stressed.
Besides, she indicated that the CNMV received complaints from the fishing group’s minority shareholders who claimed they had not received enough information on the actual situation.
“It is clear that the data that the company was providing to the market are not very consistent with what is now becoming known,” highlighted the president of the CNMV.
And she added: “We are awaiting the forensic audit to tell us what happened with 2012 accounting, as well as the one per quarter, which could lead to open another file to the company.”
“I hope this is resolved quickly and the company does not collapse and can move forward,” continued Rodriguez.
The President of the CNMV added: “The control is helpful to get things done right. Pescanova was the first record we opened for insider trader. We understand that the company had provided information that was not correct and it was a message to the market that was not true. It has not submitted the accounts on time and did not respond to our requirements,” the agency Europa Press informed.
For his part, Pescanova chairperson, Manuel Fernández de Sousa, who has been separated from Pescanova board, expressed his conviction that the CNMV “will also have to answer for its mistakes” while performing its duties in relation to the company.
Related article:
– EUR 55 million loan details to Pescanova finalized
By Analia Murias
editorial@fis.com
www.fis.com
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